LCS: An initialism of "Local Coin Shop". Often used on internet forums.

Melt Value: The $ value of the metal content in a coin. Most junk silver is 90% silver and 10% copper, but in this guide I only list the value of the silver content.

PMs: An initialism of "Precious Metals", including silver, gold, platinum and palladium.

Premium: Also known as markup. It's a small amount added to the price. Virtually all silver will be sold with an added premium. The premium usually varies between 5% to 20% depending on various factors. For example, 2 troy ounces of silver at a $20/oz spot price will cost 2 * $20 = $40. Then we add a 10% premium, so $40 * 0.1 = $4 premium. The total cost will be $44. Refer to the calculators.

RCM: Royal Canadian Mint.

Rounds: Silver bullion in coin form. Rounds look just like coins, but only legal tender can be called a "coin".

Spot Price: The current value of 1 troy ounce of silver. The spot price is set by futures contract trades on Wall St. and other exchanges around the world. The spot price changes constantly during trading hours, except weekends and holidays when the exchanges are closed.
The current spot price today is about $16.73 / troy oz.

Troy Ounce: Silver is weighed and priced in troy ounces. A troy ounce is slightly heaver than a standard ounce. When dealing with silver some people substitute the term "ounce" when they mean "troy ounce". Be careful not to confuse troy ounces and standard ounces when buying and selling. If you're buying standard ounces thinking you're getting troy ounces, you're being shorted 10%.